Goldman Sachs Group and Morgan Stanley were slapped with a securities class action Tuesday in New York Southern District Court over insider trading claims. The lawsuit, brought by Scott + Scott and other law firms, accuses the defendants of improperly selling shares of online retailer Tencent Music Entertainment Group based on confidential information in order to avoid billions of dollars in losses. Counsel have not yet appeared for the defendants. The case is 1:21-cv-08752, Merson v. Goldman Sachs Group Inc et al

This suit was surfaced by Law.com Radar, a source for high-speed legal news and litigation updates personalized to your practice. Law.com Radar publishes daily updates on just-filed federal cases like this one. Click here to get started and be first to know about new suits in your region, practice area or client sector.